LG Electronics announced on Monday that it is closing its mobile business unit.
The decision was approved by its board of directors.
LG’s strategic decision to exit the incredibly competitive mobile phone sector will help the company focus resources in growth areas such as electric vehicle components, connected devices, smart homes, robotics, artificial intelligence and business-to-business solutions, as well as platforms and services.
In a release LG said it will provide service support and software updates for existing customers for a period of time which will vary from country to country.
Moving forward, LG will continue to leverage its mobile expertise and develop mobility-related technologies such as 6G to help further strengthen competitiveness in other business areas.
The wind down of the mobile phone business is expected to be completed by July 31 although inventory of some existing models may still be available after that, the release added.
Photograph: Kim Hong-Ji/Reuters